Ferroglobe Announces Plans to Restart Silicon Metal Facility in the United States
September 29 2021 - 9:00AM
Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe” or the “Company”), a
leading producer of silicon metal, silicon-based alloys and
manganese-based specialty alloys, is pleased to announce today that
its subsidiary, Globe Metallurgical Inc. (“GMI”), is considering
plans to restart its silicon metal facility in Selma, Alabama
(United States).
GMI is working with state and local
representatives and is seeking New Market Tax Credits for the
project, which would help offset commissioning costs and enable the
Company to acquire and upgrade equipment to begin production of
silicon metal.
Combined, the two-furnace operation has total
annual capacity of 22,000 tons of silicon metal. GMI would plan on
restarting one furnace in December 2021 and hopes to restart the
second furnace by March 2022. Combined the facility would require
approximately 100 local new hires, and 150 indirect local
suppliers.
Marco Levi, Ferroglobe’s Chief Executive Officer
commented, “Ferroglobe is one of the few silicon metal producers
with meaningful idled capacity which can be restarted globally. In
light of favorable market conditions in North America heading into
2022, the Selma facility will be an important asset in our U.S.
silicon platform going forward, particularly with the permanent
shut down of our Niagara Falls, New York facility as part of our
strategic turnaround plan. The restart of the Selma facility has
been a part of our multi-year strategy, and we feel this is an
opportune time to commence the process. We thank the State of
Alabama for all their support and look forward to welcoming back
the workforce.”
“The potential reopening of GMI’s silicon metal facility in
Selma reflects the company’s confidence in the future of
Alabama’s economy and in the strength of the area’s workforce,”
Governor Kay Ivey said. “These growth plans position this historic
region of our state for significant new investment and added jobs,
and that’s great news for Selma and for the entire state.”
“The Alabama team is fully committed to stimulating economic
growth in the state’s rural areas and supportive of GMI’s move to
restart its idled facility in Dallas County,” said Greg Canfield,
Secretary of the Alabama Department of Commerce. “We plan to work
with the company to help facilitate its plans, which will provide
an economic boost to the Selma community and opportunities for its
hard-working citizens.”
About Ferroglobe
Ferroglobe PLC is one of the world’s leading
suppliers of silicon metal, silicon- and manganese- based specialty
alloys and ferroalloys, serving a customer base across the globe in
dynamic and fast-growing end markets, such as solar, electronics,
automotive, consumer products, construction and energy. The
Company is based in London. For more information, visit
http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains “forward-looking
statements” within the meaning of U.S. securities laws.
Forward-looking statements are not historical facts but are based
on certain assumptions of management and describe Ferroglobe’s
future plans, strategies and expectations. Forward-looking
statements often use forward-looking terminology, including words
such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“forecast”, “guidance”, “intends”, “likely”, “may”, “plan”,
“potential”, “predicts”, “seek”, “will” and words of similar
meaning or the negative thereof.
Forward-looking statements contained in this
press release are based on information currently available to
Ferroglobe and assumptions that management believe to be
reasonable, but are inherently uncertain. As a result, Ferroglobe’s
actual results, performance or achievements may differ materially
from those expressed or implied by these forward-looking
statements, which are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors
that are, in some cases, beyond Ferroglobe’s control.
Forward-looking financial information and other
metrics presented herein represent Ferroglobe’s goals and are not
intended as guidance or projections for the periods referenced
herein or any future periods.
All information in this press release is as of
the date of its release. Ferroglobe does not undertake any
obligation to update publicly any of the forward-looking statements
contained herein to reflect new information, events or
circumstances arising after the date of this press release. You
should not place undue reliance on any forward-looking statements,
which are made only as of the date of this press release.
INVESTOR CONTACT:
Gaurav MehtaExecutive Vice President - Investor
Relationsinvestor.relations@ferroglobe.com
MEDIA CONTACT:
Cristina Feliu RoigExecutive Director – Communications, Branding
& Public Affairscorporate.comms@ferroglobe.com
Source: Ferroglobe PLC
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